Resolves YES if the official stainless steel price index or published stainless steel contract prices in China exceed 4000 yuan per tonne on April 1, 2026. Resolution will use authoritative industry price reporting sources such as the Shanghai Futures Exchange, Mysteel, or Metal Bulletin stainless steel price assessments. This threshold is chosen near current price levels reflecting recent upward adjustments driven by Indonesia's nickel ore quota cuts, which have increased nickel feedstock costs for stainless steel producers. Only spot or contract prices for standard stainless steel products count; specialty grades or scrap prices are excluded.

Indonesia's reduction in nickel ore RKAB quota has caused stainless steel producers to raise their prices, indicating potential cost pressures and supply constraints affecting nickel-dependent sectors.

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